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August 12, 2020

Foreign buyers prefer raw gemstones to finished products: association

Jade merchants viewing pieces of jade on the 4th day of Gems Emporium in Nay Pyi Taw. photo: mna
Jade merchants viewing pieces of jade on the 4th day of Gems Emporium in Nay Pyi Taw. Photo: MNA

By Nyein Nyein

There is greater demand for raw gemstones than finished products among foreign buyers, said Daw Myint Thet Naing, vice chair 4 of the Gems and Jewellery Entrepreneurs Association (Yangon).
Even though foreign buyers purchase finished gem products, they are more interested in raw gemstones than in finished products, she said.
“Rather than finished gem products, raw gemstones garner more attention at gems emporiums held by the government or any federation or association. Also, trade of raw stones is strong,” said Daw Myint Thet Naing.
The public sector is striving to develop finished gem products.
The third edition of the Yangon International Gems and Jewellery Fair 2020, which is being organized by the Gems and Jewellery Entrepreneurs Association of Yangon, will take place from 10 to 13 January at the Lotte Hotel. The expo is being held with a view to improve Myanmar’s gems and jewellery market, boost gems and jewellery production, get good prices in the global market, bring together all the stakeholders in the supply chain, encourage production of value-added gems and jewellery rather than focusing on rough stones sales, create job opportunities, and organize seminars and business matching.
To attract foreign buyers to the fair, they have been exempted from paying commercial tax on purchases, said Daw Nyunt Nyunt Khaing from the association.
“To attract international buyers, they are being exempted from paying the 5-per cent commercial tax at the fair. Only the tax on gems and jewellery sales will be levied,” she said.
Myanmar’s mineral exports were registered at US$737.36 million between 1 October and 20 December in the 2019-2020 fiscal year, showing a remarkable increase of $453.96 million compared with the year-ago period, according to data from the Ministry of Commerce. (Translated by Ei Myat Mon)

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